Automotive Lighting Market to Surge to 58.59 Billion by 2030, Growing at 6.3% CAGR | AMR

The global Automotive Lighting Market size was valued at USD 32.31 billion in 2020, and is projected to reach USD 58.59 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030. Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth. However, increased application in light commercial vehicles and rise in demand for advanced technology in vehicles are expected to open lucrative opportunities for the market players in the coming years.

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Lighting, being a vital component in automotive vehicles, plays a crucial role in automotive safety. Automotive vehicles consist of various lights, which increase visibility in darkness and bad weather conditions. In addition, the lights can increase the conspicuity of vehicles. The lighting system comprises lighting and signaling devices. The lighting equipment is placed at different vehicle locations, including front, rear, top, and interiors. Lighting provides illumination for drivers, helping other vehicle drivers and pedestrians on the road to detect other vehicles' positions, the direction of movement, and size. Further, it also adds an aesthetic look to the vehicle's interior and exterior parts.

Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.

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Many leading automotive lighting manufacturers are introducing a new range of systems with innovations and advancements. For instance, matrix LED, OLED, and laser lighting are some of the latest and advanced lighting technologies for automotive lighting manufacturers, extended to make lightings more worth-added, secure, and satisfying to clients. Furthermore, several automakers collaborated with tech companies such as Google Inc. to integrate more digital technologies and advanced lighting systems into their vehicles, thereby providing better illumination. In 2019, Hyundai Mobis showcased its latest communication lighting concept that used LEDs, digital boards, headlamp projection, and sound to communicate with nearby pedestrians and vehicles to reduce the number of accidents. In addition, in July 2019, ZKW Group launched its project "Dragonfly" to develop sensor technology headlights for automated driving vehicles, which offers a 360° view of the vehicle with multispectral cameras in headlights to control distance and speed as well as to generate a command for vehicles. Also, HELLA KGAA HUECK & CO. has made several agreements and collaborations to develop and enhance advanced lighting systems in automobiles.

The key players profiled in this report include

Hyundai Mobis
Koninklijke Philips N.V.
ROBERT BOSCH GmbH
Valeo
ZKW
Hella KGaA Hueck & Co.
DENSO Corporation
Osram Licht AG
Koito Manufacturing Co. Ltd.
Stanley Electric Co. Ltd.

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Automotive lightings are used to provide a better view while driving and increase safety and security. It includes halogens, xenon/Hid, and LEDs, among which halogens have a more comprehensive application due to their lower cost and easy availability. With increase in production and sales of automobiles across the globe, the demand for adaptive lighting systems increases, leading the players operating in the region to develop new technologies to be applied in automobiles. Meanwhile, in India, the boost in the production of clean energy vehicles, enhancement of incentives for two-wheelers, and launch of production-linked incentive (PLI) scheme for the auto industry foster the growth of automobile production. During the forecast period, LED lighting technology is expected to witness the highest growth in the market. This growth is expected to be fueled by low power consumption, longer life, and compact LED lights. The decrease in cost of LED lights is expected to further fuel the market growth during the forecast period. However, halogen lighting technology is anticipated to maintain its leading position due to its low-cost advantages and widespread adoption.

Based on vehicle type, the passenger vehicle segment accounted for more than half of the global automotive lighting market revenue in 2020, and is expected to lead the trail by 2030, owing to wider application of automotive lighting in passenger vehicles to provide a better view ofthe inner and outer environment. The electric vehicle segment, however, would register the fastest CAGR of 13.1% during the forecast period. This is due to the introduction of electric vehicle concept as a vehicle type to be used in the future.

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Front lighting application finds the most extensive application in automotive, followed by rear lighting. Government regulations and increase in demand related to efficient front lighting in vehicles drive the growth of the automotive lighting market. The interior lighting segment is also expected to witness growth due to increase in trend of installing LED lights inside the vehicle to enhance the looks. With their dominant market share in the total vehicle segment, passenger vehicles are to be the most prominent vehicle type segment for automotive lighting. The rise in demand for aesthetic lighting features is expected to support the demand for lights in private and commercial cars.

Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.

Regional Analysis:

Based on region, Asia-Pacific, followed by North America, garnered the major share in 2020, holding nearly half of the global automotive lighting market. This is attributed to the growing production and sales of vehicles across the region. However, the market across LAMEA would cite the fastest CAGR of 8.4% from 2021 to 2030. This is due to the increased demand for advanced vehicles with advanced safety features such as adaptive lighting to be present in vehicles running across the region.

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